The PTC Index is a monthly measurement of the vibrancy of the Treasure Valley real estate market. Based on a custom-weighted algorithm, it combines nine critical measurements of the real estate market into a single, useful number: the PTC Index.
2022 was one of the more tumultuous years for real estate activity across the nation. As interest rates rose, buyers found it more difficult to purchase affordable homes. At the same time, these rising rates nearly halted refinance activity, creating a storm of slowly declining home values for current homeowners looking to tap into their equity. The Treasure Valley market was not immune from these factors – however, many real estate analysts are calling the present conditions a ‘return to normal.’
New home sales increased in December by 35.7 percent versus November. Compared to a year ago, they are down nearly 30 percent.
Existing home sales fell by 12.6 percent in December from the month prior. Compared to December 2021, they are down 46.9 percent.
Building permits in December were down 54 percent versus the previous month; compared to a year ago, they are down 89 percent.
Lastly, the average sales price in the Treasure Valley landed at $535,081, a slight 5 percent dip from last month’s $560,422 average sales price. Ada County’s average sales price was $614,722, while Canyon County’s was $455,439.
Be sure to visit PTCIndex.com for full 10-year historical data.
